Information about regulatory issues, industry trends and your competition is crucial to the development of your small business. Begin by identifying your business's information needs. Then, seek out good information sources. By using them properly, you can prevent legal problems and identify new opportunities for your small business.

Information Issues

Your small business can miss opportunities and even find itself in regulatory trouble if you don't monitor information about your industry. Missing opportunities and running afoul of regulators can cost you time and money that you cannot afford to lose. Yet, the challenge for a small business owner is that you don't have the funds to hire a corporate librarian or competitive intelligence specialist to seek out and maintain this information. It's important to develop cost-effective ways to keep abreast of legal and industry changes that have a significant impact on your business.

Information Needs

Before searching for information sources, identify the information that you need. During your workday, keep a record of the types of information you use to perform your job and the topics of any Internet searches that you perform. Survey your employees about their information needs, and ask them how they find their information. You will likely identify several areas in which your business relies on your ability to develop accurate sources of information.

Information Sources

There are numerous online and print information sources that are very accessible to businesses of any size. Government agencies often sponsor websites that contain a great deal of information for non-legal professionals. These sites are usually very reliable and up-to-date. Industry and trade organizations may also sponsor websites and print publications that contain industry news and comprehensive information about regulatory changes. Proprietary database companies sell online access to multiple information sources, including legislative and regulatory information as well as industry guides that contain information about companies and their leadership. Database companies offer subscription packages that include access to data sources that are important to your business and industry.

Maintaining Information

A good way to ensure that information remains up-to-date and accessible is to develop a shared spreadsheet for the different information categories pertinent to your business. Assign responsibility for maintaining these spreadsheets to one or more employees, or take on the responsibility yourself. To address the problem of making business decisions and assumptions based on outdated information, specify the date when information is entered and updated in each cell or section of the spreadsheet. Other good policies for maintaining information spreadsheets include identifying information sources in the form of comments on spreadsheet cells and assigning someone to review all of the spreadsheet's information on an annual basis.

About the Author

Lainie Petersen writes about business, real estate and personal finance, drawing on 25 years experience in publishing and education. Petersen's work appears in Money Crashers, Selling to the Masses, and in Walmart News Now, a blog for Walmart suppliers. She holds a master's degree in library science from Dominican University.